While Ethereum and altcoins are on a general downward trend, some altcoins in Korea have experienced a significant increase in trading volume.
When data from Upbit and Bithumb, Korea’s largest cryptocurrency exchange, are combined, Ethereum (ETH) and XRP have taken the top two in total trading volumes.
Upbit dominated the Korean cryptocurrency market last week, maintaining a higher trading volume than Bithumb.
Upbit’s daily trading volume typically exceeds $5 billion, peaking at nearly $7.5 billion. By contrast, Bithumb’s trading volume is relatively modest, typically hovering between $1 billion and $2 billion every day.
As for Altcoins, ETH and XRP clearly dominated both exchanges. At Upbit, ETH ($2.064 billion) led trading volumes, followed by XRP ($2.05 billion) and Cronos (CRO) ($1.82 billion).
Solana (Sol-$1.56 billion) and Bitcoin (BTC -$12.1 billion) ranked fourth and fifth.
Interestingly, Pyth, which the US Department of Commerce partners for macroeconomic data, also showed significant growth in the Korean market, reaching weekly trading volumes of $1.1 billion.
On Bithumb, ETH ($1 billion) and XRP ($923 million) worked strong, like Upbit.
It was followed by USDT ($788 million) and Sol ($663 million). Bitcoin came in fifth at $612 million, but mid-hat tokens such as Dogecoin (Doge), Ethena (ENA), CRO, Pengu and more were further down the list. However, according to Upbit, they recorded a lower volume.
*This is not investment advice.
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